Tesla stock is down more than 25% so far this year. It hit its lowest level since February 2014 on Wednesday.
Wall Street has grown increasingly skeptical about the company in recent weeks.
Adam Hull, an analyst with European investment bank Berenberg, initiated coverage on Tesla Wednesday with a sell rating.
Pacific Crest analyst Brad Erickson said in a report Tuesday that investors should "avoid" Tesla stock. He cited concerns about sluggish demand for the company's new Model X crossover.
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